This might be a better question for bogleheads or white coat investor, but I thought I’d give it a shot here.
One of the ideas that’s been advanced recently where I work is adding a cash balance plan to our retirement. I understand the basic mechanics of the type of plan and the major benefits and drawbacks, especially having no say over the investments. But since I’m sure some on here have experience with these plans, what are the surprising drawbacks that most people don’t realize until they get bit by them?
The consultants that would help set up and manage such a plan have a multi-million dollar interest in us approving this plan. What are they not telling my union representatives?